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Economic Growth Has Reached 3 Percent for the First Time in More than a Decade Thanks to President Donald J. Trump’s Policies

Economy & Jobs

Issued on:

ACHIEVING 3 PERCENT GROWTH: For the first time in 13 years, the economy reached 3 percent growth in 2018.

  • The Bureau of Economic Analysis (BEA) has announced that GDP grew by 3.1 percent from the fourth quarter of 2017 to the fourth quarter of 2018.
    • Bureau of Economic Analysis:  “During 2018 (measured from the fourth quarter of 2017 to the fourth quarter of 2018), real GDP increased 3.1 percent.”
  • This marked the fastest fourth quarter to fourth quarter growth since 2005.
  • 2018 was the second year in a row that the economy exceeded market expectations.
  • The impressive economic growth in 2018 was a strong improvement from the trend prior to when President Donald J. Trump took office.
    • Had the pre-2017 trend continued, growth would have been only 2 percent in 2017 and 2018.  Economic output was also $280 billion larger than it would have been.
  • Growth matched the forecast of 3.1 percent predicted in the President’s 2018 Budget.
  • The fourth quarter GDP growth last year far exceeded market expectations.

THE ECONOMIC BOOM CONTINUES: Last year’s impressive GDP growth continues the incredible economic success the country is experiencing under President Trump.

  • President Trump’s policies of tax cuts, deregulation, and trade reform have generated a booming economy.
  • So far, more than 5.3 million jobs have been created since President Trump’s election.
  • The unemployment rate has remained at or below 4 percent for the past 11 months.
    • September 2018 and November 2018 saw unemployment rates of 3.7 percent – the lowest rate in nearly 50 years.
  • The number of job openings for American workers reached a record high 7.3 million in December of last year.
  • The economy continues to exceed expectations across the board.
    • Job growth in January was more than 300,000 – far exceeding expectations.
    • Unemployment stands at 4 percent – the Congressional Budget Office predicted in January 2017 that it would be 4.4 percent this quarter.

DEFYING DOUBTS: President Trump’s policies have achieved economic growth that critics continually denied would happen.

  • Critics (especially from the previous administration) repeatedly denied that the President’s policies would lead to this kind of economic growth.
  • Larry Summers, President Obama’s National Economic Council Director, dismissed the prediction that President Trump’s policies would lead to 3 percent growth.
    • Summers wrote in 2017: “Apparently, the budget forecasts that U.S. economic growth will rise to 3.0 percent because of the administration’s policies — largely its tax cuts and perhaps also its regulatory policies. Fair enough if you believe in tooth fairies and ludicrous supply-side economics.”
  • This criticism is especially outrageous considering the previous administration never reached growth this high during the four quarters of any calendar year.